Stephen Green, chairman of UK banking giant HSBC, recently announced that he will be leaving the company to take on the responsibilities of a governmental position as trade minister.
Mr Green has been associated with the business bank account provider since 1982, joining it at the age of 33 and rising through the ranks to serve as chief executive for the group for three years before transitioning to chairman for the group in 2006.
The announcement comes hot on the heels of the announcement by Barclays regarding Bob Diamond succeeding John Varley in his role as chief executive for the bank. Mr Varley will finalise his new post some time in the coming year.
Mr Diamond currently serves as Barclays PLC president in addition to the CEO for Barclays’ Wealth Management and Corporate and Investment Banking divisions.
both Mr Varley and Mr Green are regarded positively by the banking community, having earned high marks and a great deal of respect for navigating their respective banks through the financial minefield brought upon by the credit crisis, especially since neither Barclays or HSBC did not avail themselves of any goverment-backed bailout funds.
In related news, a high level executive for HSBC recently cautioned that the banking institution was considering relocating from its London base of operations overseas in the event that the Coalition government decides to go through with its plans to break up UK-based banking institutions into separate entities in regards to its investment banking and retail banking arms.
The Treasury’s Independent Commission on Banking has been undergoing an examination of any systemic risks caused by the UK’s bigger banks, and Stuart Gulliver, investment banking head for HSBC, has commented that there could be very significant implications for the banking group’s base of operations if the Commission decides HSBC should be broken up.